Gold’s sky-high prices good for Philadelphia pawn shops and those in need of quick cash

The debt ceiling political drama and Wall Street’s gyrations have driven up the price of precious metals. It’s good business for those buying and selling gold and silver.

Nat Leonard and his family have been running Society Hill Loan since 1929 on Philadelphia’s South Street. He said people of all backgrounds needing quick cash come to his shop to sell their gold, silver and diamonds.

“Things are getting much worse and people now are bringing in whatever they can to raise money,” said Leonard.

With pure 24 carat gold at $1,700 an ounce, Leonard said jewelry that is 14 carat for the most part is still worth a considerable amount of cash. He illustrated the example by showing a bracelet sold to him by a customer.

“It weighs just over an ounce and a quarter so believe it or not today there is $1,246 dollars in this little chain, three years ago there was $500 sitting here, now over $1,246 just to sell it as scrap,” he said.

Leonard said the price spike is not sending in customers who could afford to hold on to their gold looking to “sell high.”

 

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